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NuBrit

UK Household Savings Rate At All-Time Lows

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3 minutes ago, NuBrit said:

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Credit growing, savings down. Looks like the wheels are finally starting to fall off here.

It definitely seems like a perfect storm is gathering.

 

Debt at record levels, savings at record lows, wages flatlining.

 

 

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27 minutes ago, rantnrave said:

If only there was something they could do to incentivise more saving...

Well the greatest minds in the world have tried and failed to solve that impossible task, but if you think you can do better....  (Sarcasm off). 

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33 minutes ago, rantnrave said:

If only there was something they could do to incentivise more saving...

I think more people should start saving to buy a house....they would be mad not to.;)

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2 minutes ago, Errol said:

Perhaps they are all saving in something that is not measurable through stats ...

Yeah, wisdom hopefully.;)

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Why save when either:

1. Your house is earning more than you can

2. Buying a house is such a distant dream you may as well live in the moment, f-it

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12 million people get means tested benefits.No point saving.You lose them.Companies dont care about productivity.Tax credits pay a big chunk of the wages.Why invest in expensive plant?.

The rest?.Why save in cash when inflation is eating it away? (i actually think you should be in cash because a huge crash is coming)

The BOE and bankers continue on their merry way.

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7% when the last crash hit down to below 2% now and falling, staggeringly bleak for many when the crash hits. Those defaults are going to occur much more rapidly than before with no emergency funds.

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30 minutes ago, durhamborn said:

 (i actually think you should be in cash because a huge crash is coming)

I respect your thoughts durhamborn - you do seem to know what you're talking about.  I hope you're right here as I mainly have savings right now.  I've developed a "learned helplessness" about investing along the years as every option looks fraught with danger.

Edited by canbuywontbuy

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I'm using premium bonds for savings at the mo, all i need to do is win more than £25 (the lowest prize) per £1000 per year and i've beat all the high street savings accounts.

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35 minutes ago, Panda said:

Thanks for the article link.

Hilarious when they forecast spending down just for the coming "months", erm, you're probably looking at many many years now unless a miracle boom occurs, or do they mean "96 months"?

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30 minutes ago, canbuywontbuy said:

I respect your thoughts durhamborn - you do seem to know what you're talking about.  I hope you're right here as I mainly have savings right now.  I've developed a "learned helplessness" about investing along the years as every option looks fraught with danger.

Cash does not  have to be sterling!

A Swiss bank account would have been a wise, low risk investment in 2008.

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1 hour ago, durhamborn said:

12 million people get means tested benefits.No point saving.You lose them.Companies dont care about productivity.Tax credits pay a big chunk of the wages.Why invest in expensive plant?.

The rest?.Why save in cash when inflation is eating it away? (i actually think you should be in cash because a huge crash is coming)

The BOE and bankers continue on their merry way.

Yes. Thats 12m working age people get means tested benefits.

And for the likes of that moron Corbyn, only 236,000 people earn over 150K.

No need to save or work. Just get UKGOV to give you the money.

What could go wrong?

The UK's current tax base/benefits  is woefully unbalanced.

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2 hours ago, Barnsey said:

Why save when either:

1. Your house is earning more than you can

2. Buying a house is such a distant dream you may as well live in the moment, f-it

pretty much!

I guess if people are sitting on massive piles of unearned equity and have decent salaries nothing to stop a cheeky MEW to get a RangeRover or that house in Cornwall. 

If people are renting then Ricardian Economics suggests rents will just hoover up the surpluses. 

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I'm looking forward to having my cash earning handsomely when it all crashes, inflation ratchets up and they have to raise IRs......15% anyone? You never know......... or perhaps I'm dreaming:D

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2 hours ago, canbuywontbuy said:

I respect your thoughts durhamborn - you do seem to know what you're talking about.  I hope you're right here as I mainly have savings right now.  I've developed a "learned helplessness" about investing along the years as every option looks fraught with danger.

Every option is potentially fraught with danger! Despite appearances to the contrary neither the bull-necked traders on CNBC, or the economists, or the world's central bankers have any idea what they're doing. Without an empirically sound scientific model of the economy and/or financial markets, how can they? Even the quant houses, stuffed with Phds in physics and computer science, are mostly guessing. Timidly extending Fisher Black's pioneering work in derivatives and hoping for the best. When the physicist Joseph Mccauley interviewed quants at Enron after its collapse in 2001 he was astonished to discover that almost none of them could provide him with a detailed description of the models they were using or their purpose. Impossible management demands for 'something... anything' that could be put before skeptical clients over-rode every other consideration.

 

Edited by zugzwang

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Invest in something you have some partial control in/of and do not become solely reliant on......one blip, one energy failure, one crash....then it is gone, but life still goes on.

 

 

A job is still a job until it is no longer a job, but jobs still and will still need doing......most jobs are not 'paid' jobs but they will always be work.;)

Edited by winkie

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It's all going to plan, they cannot make you work until you drop, unless you have lots of debt.

Cheap houses and living costs = more savings, retire earlier and then draw a state pension at a younger age

High house prices and living costs = debt to service instead of savings, increase retirement age and have people working and paying taxes for longer.

 

 

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